| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 28 | 22.3x | 17.8x | Bottom tier | |
Growth | 66 | 8.4% | 7.1% | Around median | |
Quality | 44 | 6.5% | 4.5% | Around median | |
Safety | 54 | 3.6x | 2.6x | Around median | |
Capital Return | 65 | 3.08% | 2.12% | Around median | |
Momentum | 63 | 23.6% | 2.9% | Around median | |
Sentiment | 68 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
First Industrial Realty Trust, Inc. is an industrial real estate investment trust that generates income from leasing logistics and industrial facilities, developing and leasing assets, and recycling capital through acquisitions and sales. In Q2 fiscal 2026, the demand base included third-party logistics, manufacturing, food and beverage, automotive, and home furnishings companies, while management described data center-related demand as incremental but not material. The company ended the period with in-service occupancy of 94.9% and executed commenced leases covering 2.6 million square feet, including 1.1 million for new leases, 1 million for renewals, and 500 thousand square feet for developments and acquisitions undergoing lease-up.
In Q2 fiscal 2026, revenue was $194.9 million and net income was $77.1 million, representing a calculated net income margin of approximately 39.6%, while earnings per share were $0.58. NAREIT funds from operations were approximately $0.82 per fully diluted share, compared with $0.76 a year earlier, while same-store cash net operating income, excluding lease termination fees, grew by 6.7%. For comparison, fiscal 2025 recorded revenue of $727.1 million, net income of $247.4 million, and earnings per share of $1.87.
Operating momentum came from higher rental rates on new and renewal leases, contractual rent escalations, and lower free-rent periods, partially offset by lower average occupancy. The cash rental-rate increase on signed leases was 39%, and the company addressed 80% of fiscal 2026 lease expirations by square footage. On the development front, the company signed leases covering 643 thousand square feet during Q2 fiscal 2026, including full-building leases in Dallas and the Philadelphia market and an expansion for an existing tenant in South Florida.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $73 and a relatively wide range between $66 and $83. The lowest target falls within the 52-week range of $50.24–$69.88, while the average is approximately 4.5% above the top of that range and the highest target is approximately 18.8% above the high, reflecting expectations for continued rent and leasing growth. Conversely, the wide target range highlights the risks of executing the lease-up of 900 thousand square feet of developments, the expected occupancy decline during Q3 fiscal 2026, and the anticipated slowdown in net operating income growth during the second half.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
FR's revenue in Q2 fiscal 2026 was approximately $194.9 million, net income was $77.1 million, and earnings per share were $0.58. NAREIT funds from operations increased to $0.82 per fully diluted share, compared with $0.76 a year earlier. Management attributed the performance to higher new and renewal rental rates, contractual escalations, and lower free rent, partially offset by lower average occupancy.
On July 23, 2026, the company set its fiscal 2026 NAREIT FFO range at $3.08–$3.16 per share after raising the midpoint by $0.02. After excluding $0.04 per share of costs related to the contested proxy solicitation campaign, the range becomes $3.12–$3.20. It also expects same-store cash net operating income growth of between 5.25% and 6.25% and average quarter-end occupancy of between 94% and 95%.
FR leased the entire 708 thousand-square-foot building in Central Pennsylvania during Q2 fiscal 2026. The lease helped increase in-service occupancy by 60 basis points from the previous quarter to 94.9%, while the cash rent increase exceeded 60%. Based on the strength of this lease, the company raised the midpoint of its fiscal 2026 funds from operations guidance by $0.02 per share.
The company signed development leases covering 643 thousand square feet during Q2 fiscal 2026. The leases included 176 thousand square feet in First Park 121, 226 thousand square feet in First Park New Castle, and 31 thousand square feet in First Pompano Logistics Center. After fully leasing the New Castle building, FR started a second 613 thousand-square-foot building, with an estimated investment of $77 million and an expected cash yield exceeding 8%.
The guidance assumes the lease-up of approximately 900 thousand additional square feet of developments, with most of that expected to occur in Q4 fiscal 2026. The company expects in-service occupancy to decline to approximately 93.5% by the end of Q3 before reaching approximately 95.5% at the end of fiscal 2026. The Nashville development entering service also accounts for approximately 45 basis points of the temporary decline, while the speed of tenant decisions remains the decisive factor in achieving the expected recovery.
The company acquired a recently completed 161 thousand-square-foot facility in Great Southwest in Dallas for $26 million. It was 50% leased with a targeted cash yield of approximately 6%. It also acquired a 58-acre infill development site in B-W Corridor for $39 million, with a design accommodating three buildings totaling 629 thousand square feet. Conversely, it sold land in Phoenix for $131 million and four buildings in Detroit totaling 310 thousand square feet for $29 million.
